From Sale Of 3 Plots, Nmc Earned ₹207cr, Real Estate News, ET RealEstate

July 16, 2023

<p>Representative Image</p>
Representative Image

NAGPUR: The cash-strapped Nagpur Municipal Corporation (NMC) sold a third plot (No. 2) of the Orange City Street Project and earned ₹51.5 crore taking the total revenue from the project to ₹207 crore. Plot No.2 was auctioned for ₹13,166 per sq ft six months ago and the buyer has started work at the site.

The civic body has floated an expression of interest (EoI) for selling a fourth plot and is expecting ₹48-50 crore for it. The project has become the most profit-making one for the civic body.

Another 17 plots remain to be auctioned in the project that starts from Jaiprakash Nagar Metro station on Wardha Road and ends at Rajendra Nagar — a distance of 5.5 km.

The revenue from plot No.2 (38,736 sq.ft) is probably the second-highest sale price of the city. The highest was ₹112 crore (₹14,000 per sq ft of 80,000 sq ft plot) which NMC got auctioning plot no. 5.

The same builder — Praful Deshmukh — has bought both the plots. Earlier, he had also bought plot No.1 which is located next to Jaiprakash Nagar Metro rail station. This plot was around 37,000 sq ft for which he paid ₹44 crore.

An NMC official said the height of the new commercial complex being constructed by Deshmukh is the same as the first one.

The NMC has now floated an EoI for selling plot no. 18 located on Jaitala Road. Due to height restrictions (not more than 12 metres) imposed by the Airport Authority of India, the NMC is not expected much revenue from this sale. The 65,636 sq ft is likely to fetch around ₹48-50 crore. The last date for submitting the bid is July 20.

NMC is also preparing to auction three more plots.

The NMC got the land for the street project on transfer from Ordnance Factory Ambajhari in 2007. The land was used for a railway track for years and was in an abandoned state.

  • Published On Jul 16, 2023 at 11:00 AM IST

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